Rio Tinto Group (LSE:RIO) entered into an agreement to acquire 50% stake in Matalco Inc. from The Giampaolo Group of Companies for $700 million on July 21, 2023. Giampaolo Group subsidiary Triple M Metal will be responsible for the supply of recyclable feed to the joint venture with Matalco?s leadership team continuing to manage its operations. Rio Tinto will be responsible for sales and marketing of Matalco products following a transition period after completion of the transaction. The transaction is subject to customary regulatory approvals and is expected to be completed in the first half of 2024. Anthony Milazzo, Kyle Denomme, Subrata Bhattacharjee, Denes Rothschild, Danny Lang, Pamela Cross, James Fu, Xue Yan, and Jonathan Cocker of Borden Ladner Gervais LLP acted as legal advisors to Giampaolo Group. Macy, Creighton; Gates, Arlan and Zoccolillo, Alan of Baker & McKenzie LLP acted as a legal advisor to Rio Tinto Group. The closing of the transaction is now expected around the end of 2023 (previously first half of 2024).

Rio Tinto Group (LSE:RIO) completed the acquisition of 50% stake in Matalco Inc. from The Giampaolo Group of Companies on December 1, 2023. Receipt of all regulatory approvals received. Matalco will remain the operator of the joint venture's six facilities in the United States and its Canadian site.